The ZH link is pretty good, especially for us lay persons...who really do not grasp all the invented terminology of the modern financial market world (note I said "market"....'casue GAAP hasn't changed much and is seldom used on Wall Street et al)...and financial outfits today resemble Las Vegas Casino operations, to me, more than banking outfits.

I'm of the opinion that the financial market opinion makers serve both parties only so far as both parties serve their individual interests....so, yeah, I do believe we essentially have an unelected government. The ordinary stiff will never realize that as fiat money is "printed" and used to underwrite federal debt (love the idea of the debtor buying their own debt)everyone else's money is proportionally diluted. Wiemar much?

I'll be meeting my daughter for dinner next week, prior to her bopping off to London and places beyond on vacation...translate that to "shopping trip" with a side of cathedrals and sundry ruins. Anyway, she is Director of Operations for a large mortgage/financial outfit... and I want to ask her what she thinks of the stuff in Lewy's links.

Wanna bet, bright as she is, she'll not have an opinion, other than relating to what is good for her company, which is closely held and never gone IPO route. Not likely to either. The firm has rewarded the "original gangsters" well,... very loyal team there...so long as the member is productive. Very productive. Focus is on productive. I'd also not be surprised if I learned that few of them, if any, actually vote in elections. That sort of supports the meme, no?

Fiat money is ....just like what my little brother would do with Monopoly Money...he'd snag some from an old game box and "blend" it with his on the table. Became pretty obvious when he had more money and assets than the "bank."